Treasury yields slip on U.S. inflation data, stocks up

The Labour Department said its consumer price index (CPI) rose 0.5 per cent last month after advancing 0.4 per cent in August.

September's consumer price index rose 0.5% month-on-month, short of the 0.6% expected but up on the 0.4% increase a month earlier and the largest gain in eight months.

A majority of Fed rate setters believe inflation will trend higher in the coming months due to labour market tightness and the improving global economy, with a December rate hike seen by the market before the data print as virtually nailed on.

"In general the idea of lower inflation puts in people's minds that the Fed will go more slowly".

Petrol prices surged 13.1 per cent last month, accounting for 75 per cent of the rise in the CPI. Prices excluding food and energy rose in August by the most in seven months, but gains returned to trend in September.

Ten-year yields had jumped to 2.402 percent on October 6, their highest level since May 11, after the government's employment report for September showed a rise in wages that boosted expectations for rising inflation.

"PPI was a little bit better, but that doesn't really translate well to CPI", said Gennadiy Goldberg, an interest rate strategist at TD Securities in NY.

On Thursday, the Labor Department released a separate report showing producer prices increased in line with economist estimates in the month of September.

Excluding automobiles, petrol, building materials and food services, retail sales increased 0.4 per cent last month after being unchanged in August.

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Core inflation. CPI ex food and energy is forecast to tick higher to 1.8% from 1.7%. The inflation rate since the beginning of the year (September 2017 compared to December 2016) has been 1.3% and the annual inflation in September 2017 compared to September 2016 was 2.1%.

"With a December rate hike nearly fully priced in by now, however, investors are starting to focus on the Fed's still cautious forward guidance and hence the limited scope for a further increase of the dollar's rate advantage".

White House Chief of Staff John Kelly said on Thursday that Trump was "some time away" from making a decision, while another official said Trump had met with Stanford University economist John Taylor - of economics text book Taylor-rule fame - to discuss the job.

Oil prices rebounded from earlier losses, although they were still down on the session, after the U.S. Energy Department reported a larger-than-expected decline in U.S. inventories and a falloff in weekly production. Shelter prices advanced 0.3% over the month. USA crude jumped 2 percent to $51.59 a barrel.

Sarah Chaney contributed to this article.

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